Interim CFO in mechanical engineering for plastic injection molding machines

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Interim financial management and coaching for mechanical engineering

The interim CFO and coach in the mechanical engineering group provided support through budget planning, annual financial statements and optimization of controlling and reporting, as well as training measures for executives and cooperation with the works council.

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Company

Manufacturer of plastic injection molding machines, 500 employees worldwide, €100m turnover
Production and sales facilities in Germany, India, China, USA, Slovakia (only production), part of a German MDAX group

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Challenge

Company loss-making, with slight improvement tendencies, due to low number transparency, budget compilation and year-end-closing are endangered
Tensions with the parent company / lack of communication
No qualified personnel management, difficulties in the cooperation with the works council

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Goals

Support of the CTO, local management, FI/CO, HR and BR through sparring
Punctual implementation of budget planning and annual financial statement
Optimization of controlling, reporting and finance
Structuring transfer pricing issues and processing compliance backlogs

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Measures

Close cooperation with FI/CO department to prepare budget and balance sheet and to enable a controller for the FI/CO team leadership
Stakeholder management through discussions with local GFs, regular jour fixes with group management and frequent coordination with the CTO
Building trust with the works council

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Results

All budgets and annual financial statements prepared on time and accepted by the management board
New head of HR hired, HR department restructured and coaching of managers
Trusting relationship established with the works council and several compliance issues from the past resolved
Establishing regular communication with the group management/shareholders

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